Bullish: GBP/JPY is currently at 170.76 in a channel and trying to continue the 5th wave. We are looking for a continuation of the ATR target at 171.90 with a further target of 1.000 Fibo in the 172.19 area.
Watch the US Dollar Index for direction. The average daily true range (ATR) for the pair is 171 pips per day, and its 180-day average is 173 pips per day. USDX is currently moving up.
